NBP posts Rs26bn profit, Rs8 dividend

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MG News | March 03, 2025 at 09:23 AM GMT+05:00

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March 03, 2025 (MLN): The National Bank of Pakistan (PSX: NBP) reported a significant decline in its profit after taxation for the year ended December 31, 2024, posting Rs26 bilion compared to Rs53bn in 2023, reflecting a drop of 50%.

The board of directors has recommended the highest-ever final cash dividend of Rs8 per share (80%) for the year 2024.

The bank’s earnings per share also fell to Rs12.21 from Rs24.96 in the previous year.

NBP’s total income grew 13% to Rs241.7bn in 2024 from Rs214bn in 2023, primarily driven by a 57% increase in non-markup income, which reached Rs70.3bn.

This surge was supported by a 537.7% rise in gains on securities, totaling Rs28bn, along with a 21% increase in fee and commission income, which stood at Rs29bn.

However, foreign exchange income dropped by 23.6% to Rs6bn, and other income fell by 59.6% to Rs725m.

Despite the rise in revenue, the bank faced a substantial increase in expenses.

Operating expenses surged by 89% to Rs180bn from Rs95bn, contributing to an overall 88.7% rise in total non-markup expenses, which stood at Rs180bn.

NBP’s profit before taxation declined by 44.7% to Rs57bn in 2024, while credit loss allowances and provisions decreased by 70.7% to Rs4.5bn, offering some relief.

Tax expenses also dropped by 38.7% to Rs30.6bn.

Consolidated statement of profit and loss account for the year ended December 31, 2024 (in Rupees ‘000) 2024 2023 %Change 
Mark-up / Return / Interest Earned                               1,089,890,938                            1,025,134,662 6.32%
Mark-up / Return / Interest Expensed                                   918,452,244                                855,780,390 7.32%
Net Mark-up / Interest Income                                   171,438,694                                169,354,272 1.23%
Fee and Commission Income                                      29,171,163                                   24,136,296 20.86%
Dividend Income                                         5,898,270                                      5,204,557 13.33%
Foreign Exchange Income                                         5,913,142                                      7,742,186 -23.62%
Gain on Securities                                      28,195,070                                      4,421,246 537.72%
Share of Profit from Joint Venture - Net of Tax                                              604,843                                      1,226,065 -50.67%
Share of Profit from Associates - Net of Tax                                              478,612                                           245,202 95.19%
Other Income                                              724,806                                      1,796,449 -59.65%
Total Non-Markup / Interest Income                                      70,323,420                                   44,772,001 57.07%
Total Income                                   241,762,114                                214,126,273 12.91%
Operating Expenses                                   180,092,705                                   95,159,211 89.25%
Other Charges                                                 46,026                                           285,960 -83.90%
Total Non-Markup / Interest Expenses                                   180,138,731                                   95,445,171 88.74%
Profit Before Credit Loss Allowance / Provisions                                      61,623,383                                118,681,102 -48.08%
Credit Loss Allowance / Provisions and Write Offs - Net                                         4,503,223                                   15,382,139 -70.72%
PROFIT BEFORE TAXATION                                      57,120,160                                103,298,963 -44.70%
Taxation                                      30,617,455                                   49,977,566 -38.74%
PROFIT AFTER TAXATION                                      26,502,705                                   53,321,397 -50.30%
Basic Earnings Per Share 12.21 24.96  

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